Best First Day 2022

Today is Back to School Day! In order to help make today the #bestfirstday, the Staff and Partners at Graham Scott Enns have collected school supplies to help out the Thames Valley Education Foundation with their annual back to school drive.
A big Thank You to Courtney, and the rest of the Social Committee, for organizing, shopping, and dropping off this donation!

20th Annual Leo Kirwin Memorial Golf Tournament

On Friday August 19, 2022, firm members attended the 20th Annual Leo Kirwin Memorial Golf Tournament at East Park in London. We were a proud sponsor of the tournament and enjoyed a beautiful day on the course. GSE team members included: Jennifer Buchanan, Blake Gough, Eric Baker, and Jason Rakowicz.

 

Summer Bowling

The Partners at Graham Scott Enns LLP hosted our first ever Summer Bowling day! It was a great opportunity to get together and enjoy some fun and games, and most importantly, lots of snacks!

 

Thank you to the Partners for putting on such a fun event, and thank you to Cy’s Bowling Lanes & Lounge in Aylmer for hosting us!

 

Dairy Queen’s Miracle Treat Day

August 11th was Dairy Queen’s Miracle Treat Day, and the Partners of Graham Scott Enns treated the staff to Blizzards to help support the Children’s Health Foundation.

What a fun and tasty treat, and what a great cause to be supporting!

Uplift – Your Voice, Your Business, and Your Community

Last night, Managers and Partners from GSE attended the Uplift – Your Voice, Your Business, and Your Community event, presented by Elgin-St. Thomas Small Business Enterprise Centre. This amazing event featured guest speaker Jam Gamble, and focused on gaining confidence and finding your voice to help elevate your life, business, and community. This was a great opportunity to gather with business and community leaders, and spend time together as a team!

 

Work From Home – Personal Income Tax Deduction

Did you work from home in 2021? If the answer is yes, you may be eligible for a tax deduction on your 2021 tax return.

CRA has provided two options when claiming employment expenses related to working from home due to COVID-19.

  • Temporary Flat Rate Method
  • Detailed Method

Temporary Flat Rate Method

To qualify for the temporary flat rate method, the taxpayer must meet all the following conditions below:

  • The taxpayer worked from home due to the COVID-19 pandemic
  • The taxpayer worked more than 50% of the time from home for a period of at least 4 consecutive weeks in the year.
  • The taxpayer is not claiming any other employment expenses
  • The employer did not reimburse all the taxpayer’s home office expenses.

If you meet all the above conditions, you can claim $2 per day up to a maximum of $500 (250 days is the maximum number of days you can claim under this method). If you choose to claim home office expenses using this method, please inform your advisor of the number of days you worked from home in 2021. Please note, there is no certification required from your employer if you choose to use this method.

Detailed Method

To qualify for the detailed method, the taxpayer must meet all the following conditions below:

  • The taxpayer worked from home due to the COVID-19 pandemic
  • The taxpayer worked more than 50% of the time from home for a period of at least 4 consecutive weeks in the year.
  • The taxpayer paid for expenses related to the workspace in their home
  • The taxpayer has a completed and signed form T2200S – Declaration of Conditions of Employment for Working at Home Due to COVID-19 from their employer

If you meet all the above conditions, you can claim a portion of electricity, heat, water, maintenance/repair costs, the utilities portion of condo fees, common office supplies (such as toner and printer paper) and rent related to the use of the workspace in the home. Reasonable repair and maintenance costs are light bulbs, repairing walls of the workspace or broken desks etc. Expenses that are not deductible include mortgage interest, principal mortgage payments, furniture, equipment, computers, and accessories.  All the allowable expenses must be prorated to the portion of the house you are using for the office workspace, which is computed on a square footage basis.  In addition, the office workspace will have to be prorated for hours used for employment purposes (i.e., personal use hours of the workspace vs. employment use hours of the workspace). If you are using this method, please be sure to send your advisor information pertaining to the square footage of your home office workspace as well as the total square footage of your home, along with a ratio of personal vs business use of the home office workspace.  Under this method, you are required to keep supporting documents related to the allowable expenses in case CRA requests to review them.

If you are wondering what option would result in a better tax deduction for you, CRA has created a calculator online which can be accessed using this link: Compare the claim methods – Home office expenses for employees – Canada.ca

If you have any questions, please reach out to your advisor who can assist you in making sure you claim the deduction that works best for your situation.

Congratulations Jonathan!

The Partners and Staff of Graham Scott Enns LLP would like to congratulate Jonathan Zettler on his promotion to Senior Staff Accountant, effective January 1, 2022!

Jonathan started with GSE as a co-op student in 2019. He then started full time a year later, in 2020, and has been an integral part of the GSE team, focusing on bookkeeping and payroll. Jonathan is currently working towards his Payroll Compliance Practitioner certification, where he can continue to put his payroll skills to great use! He is also highly involved in personal taxes, and compilation engagements, as well as a member of our Health and Wellness Committee.

“Jonathan provides excellent client service and is able to provide guidance on payroll, bookkeeping and personal tax questions. Jonathan embodies professionalism, diligence and technical excellence.”

Courtney Vachon, CPA, CGA & Kelly Ward, CPA, CGA

Managers

Congratulations Jonathan of your promotion to Senior Staff Accountant, and best of luck as you take on this new and exciting opportunity!

GSE Attends Night of Heroes!

Last night GSE staff and Partners attended the 30th Annual Community Living London Night of Heroes! It was an inspiring event full of fun and fashion to celebrate an incredible cause!

Although they could not hold the event in person, it was still fun to watch together virtually and support all of the Heroes!

 

Things to Share with Your Accountant

This personal tax season, here are some things to remember to share with your accountant as you may be eligible for related tax credits.

  • Moving expenses (including for university and college students)
  • Child care expenses (including summer camps)
  • Changes to your health or physical abilities that may result in eligibility for the Disability Tax Credit
  • A relative has moved in with you as they require your care and support (i.e. parent, adult child, grandchild)
  • Home renovations completed to make your house more accessible (i.e. wheelchair ramps, grab bars, etc.)

 

The Canada Revenue Agency requires that all income is reported on your personal tax return. Here are some types of income that you want to remember to talk to your accountant about if they apply to you:

  • COVID government benefits received
  • Income and expenses related to “side hustles” (including Uber, AirBnB, etc.)
  • Cryptocurrency transactions
  • Change in use to a property you own (i.e. renting out all or part of your home)

 

Other items to share:

  • Disposition of your principal residence
  • Change in personal status (i.e. married, common-law, separated, divorced)

 

If you are a GSE client, please complete a client questionnaire and bring it in with your personal tax return – it helps us to identify changes in your life that may impact your personal tax return.

The “2021 Personal Income Tax Return Checklist” also identifies further items to consider and share with your accountant.

 

Both documents can be found in our Client Document Library.

http://www.grahamscottenns.com/document-library/